This may be a dumb question, but how deep is the foundation in relation to the present/proposed new grade? I'd be a bit worried about undermining the foundation if you're going to lower the entire space.
Considered just lowering the path necessary to install the new work? Considered the possibility of potential new ground moisture/ground water problems?
My recent experience in this regard was placing a layer of gravel under several "weekend places" on creeks in the area. Running water from recent floods washed through several crawlspaces, and my "boss" sold several couples on the idea of placing 6-8 inches of gravel under these houses, to catch sand during the next wash, as a means of stablizing the crawlspace elevation.
I'm a little dubious on the whole idea, but what the heck, I'm the employee here. Actual method was to place gravel through the crawl space access with a small loader, than rake or bucket the gravel across the crawlspace. Wasn't a fun job, but went quicker that I thought it would. We've done three 800-1200 foot spaces in three long mornings, him running the loader, me running the rake. (Add in the hottub time for crew recovery, as it's really hard on the body to rake gravel while squatting, or laying on your belly.)
While these projects were fill ins, rather than a dig as you're considering, I'd think the motions wouldn't be much different. Unless you already have access to a conveyer that would shift around easy enough to move over 4 feet occasionally, I'd simply recommend the two kids and the five gallon bucket option rather than spending hours inventing a conveyor. Might dig faster that you'd think.